# In the matter of Starlite Jewels Private Limited CP (IB) 3951-MB-C-I-2019

> NCLT judgment dated 2023-02-09. Citation: TCN-2023-NCLT-04684. The case pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Feb 2023
- **Citation:** TCN-2023-NCLT-04684
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/starlite-jewels-private-limited-cp-ib-3951-mb-c-i-2019-f91de40f

## Summary

### Background

The case pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Invent Assets Securitization and Reconstruction Private Limited, acting as Trustee of Invent/1314/P6 Trust, against Starlite Jewels Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed on the ground that the Corporate Debtor defaulted on a loan of Rs. 5,83,65,000/- along with interest. The Financial Creditor claimed a total default amount of Rs. 41,08,63,314.07. The Corporate Debtor raised objections regarding the maintainability of the petition, citing the law of limitation.

## Facts

Invent Assets Securitization and Reconstruction Private Limited, acting as Trustee of Invent/1314/P6 Trust, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Starlite Jewels Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed because Starlite Jewels Private Limited defaulted on a loan. The initial loan amount was Rs. 5,83,65,000/-, but the total amount claimed to be in default by the Financial Creditor is Rs. 41,08,63,314.07. The date of default was stated to be 31.03.2008. The Financial Creditor acquired the financial assets of the Corporate Debtor from Union Bank of India vide Registered Assignment Agreement dated 16.07.2014. The Corporate Debtor argued that the

…

## Issues and analysis

### Issue 1: Whether the petition filed by the Financial …

**Ratio:** The principle of limitation dictates that legal actions must be initiated within a

…

**Reasoning:** The Adjudicating Authority perused the records and found that the Corporate Debtor had

…

**Interpretation:** The legal issue revolves around whether the Corporate Debtor's acknowledgements

…

**Application:** The principle of limitation and the interpretation of Section 18 of the

…

## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Invent Assets…
- **Respondents:** Starlite Jewels…

## Timeline

- **2019-11-08 — Petition…**: The present Petition was filed…
- **2008-03-31 — NPA Decla…**: The Corporate Debtor's…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/starlite-jewels-private-limited-cp-ib-3951-mb-c-i-2019-f91de40f